Canara Bank has received an approval to raise additional Tier-I instruments amounting to Rs 1,500 crore through issue of Basel III complaint additional Tier-I Perpetual Bonds by way of Private Placement, to support the asset growth during 2014-15 and maintain comfortable level of CRAR. The board of directors of the bank at their meeting held on September 30, 2014 have approved for the same.
Further, the board has permitted to constitute a Bond Committee to determine the structure of the issue size, tenor, coupon, timing of the issue and to decide on the other connected matters. The bank is accordingly taking the necessary steps in this regard.
The bank’s net profit for first quarter ended June 30, 2014 rose by 1.86% at Rs 806.86 crore as compared to Rs 792.07 crore for the quarter ended June 30, 2013. Its total income increased by 11.61% to Rs 11728.01 crore for the quarter under review from Rs 10507.88 crore for the corresponding quarter of the previous year.
